“Unmarried couples face unique challenges when it comes to estate planning. Unlike married couples, who have certain legal protections and assumed rights, unmarried couples do not receive the same level of protection under the law. This can lead to issues regarding inheritance, estate taxes, healthcare decisions, and financial management. To address these challenges, unmarried couples should consider creating a revocable trust as part of their estate planning strategy.”
"When reporting your Bitcoin transactions to the IRS, you will need to use Form 8949. This form is used to report capital gains and losses from the sale, exchange, or disposal of property, including Bitcoin. Each transaction must be reported individually, including the date, description, sales price, and cost basis."
“With the increasing popularity of cryptocurrencies, it has become crucial to protect your digital assets from potential threats. Wyoming, known for its crypto-friendly regulations, offers a unique opportunity for individuals and businesses to safeguard their crypto currency investments. In this comprehensive guide, we will explore the various measures and strategies that can be implemented to ensure the security and longevity of your crypto assets in Wyoming.”
“Granting Power of Attorney from the United States to someone in India is a process that requires careful attention to detail. By following the steps outlined in this comprehensive guide, you can ensure that your Power of Attorney is valid and legally recognized in India. Remember to consult with the Indian embassy or consular office for the most up-to-date information and fee requirements. With the Power of Attorney in place, you can confidently manage your business interests and property transactions in India from the United States.”
“During bankruptcy proceedings, the fate of lease agreements can be uncertain. In Chapter 7 bankruptcy, the oil and gas leases held by the debtor may be sold to another operator, potentially affecting the terms and conditions of the original lease. In Chapter 13 bankruptcy, the operator may propose a reorganization plan that could modify lease terms. As a mineral rights owner, it is essential to stay informed about any proposed changes to your lease and consult with legal professionals to protect your interests.”
“f you do not qualify for Chapter 7 bankruptcy, you may still be eligible for Chapter 13 bankruptcy or other debt relief options. Chapter 7 bankruptcy is designed for individuals who have little or no disposable income, whereas Chapter 13 is intended for those who have a regular income but are struggling to repay their debts.”
Many of the top companies in the world are backed by teams of experienced lawyers tasked with the job of finding clever ways of circumventing the law to allow these billion-dollar corporations to avoid lawsuits.
Decreasing taxes, sidestepping finance laws, and avoiding lawsuits from customers are a few examples of situations where large corporations utilize legal loopholes in order to remain successful.
Let’s discuss five legal loopholes large corporations use to avoid lawsuits:
1. Tax Havens and Transfer Pricing
2. Punitive Damages Deduction
3. Carried Interest
4. Patent Injunctions
5. Bankruptcy
International corporations are not required to pay taxes on any profits incurred overseas unless they transfer the profits to a US bank. Transfer pricing is a practice adopted by international corporations that allow companies to transfer international profits to offshore banks so that they’re considered overseas earnings. The profits are kept in an offshore account where taxes are indefinitely deferred.
When large corporations are found to be criminally liable for an offense and are charged with punitive damages, according to the law, these expenses are considered normal business expenses. Companies are therefore able to claim the cost of this lawsuit as a business expense and significantly reduce the cost to the company.
The managers and CEOs of the world’s leading companies are able to pay significantly lower taxes on their income than the average person. The profits earned from investing in a company are known as carried interest and are taxed at the capital gains rate which is a much lower rate than income. Instead of claiming to receive a salary for working at a company, CEOs and managers refer to their earnings as carried interest in order to avoid paying higher taxes.
Patent injunctions are used when a company believes that another organization’s product is infringing on its copyrights. If a judge grants the injunction, the opposing company is prevented from selling the infringing product. Corporations have used this threat as a scare tactic to influence small companies to discontinue selling their product or pay them an exorbitant fee. This method has ensured that larger corporations have been able to dominate their industry by monopolizing sales of particular products.
Large corporations sometimes use bankruptcy to avoid lawsuits. This is a controversial legal strategy that is still used today. Large corporations establish shell companies that take on legal liability while keeping their valuable business assets separate from this new company. The shell company then files for bankruptcy which in turn freezes any lawsuits associated with the company. The goal of this tactic is to permanently block or delay any lawsuits against the parent company.
Several different clever legal strategies have been utilized by companies throughout the years to avoid any legal ramifications for their actions. Bankruptcy, tax havens and transfer pricing, patent injunctions, carried interest, and punitive damages deductions are a few of the legal loopholes utilized by multinational corporations.
If you are already filling the pinch of the recession and you need to file bankruptcy please schedule an appointment with us here at Hishaw Law LLC. We are experienced in handling Chapter 7 and Chapter 13 matters. Please complete the online bankruptcy form. To schedule a consultation with Hishaw Law LLC please contact us at 1.307.228.0407
In 2022, Chapter 13 bankruptcy filings increased by 26.6% while business and other personal bankruptcy filings fell by 11.7%. Chapter 13 bankruptcy was established to provide debt relief to individuals who are struggling financially by giving them the grace to pay off their debts without the worry of losing their assets to creditors. In this article, we will discuss what is Chapter 13 bankruptcy and how it works as well as why there was an increase in Chapter 13 bankruptcy filings in 2022.
